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Expected Business Benefits of TESCO of Using Customer Relationship Management (CRM):
There are some expected benefits by any firm if any company is implementing or using CRM in their company. Some of the potential benefits involve:
No doubt the very first and foremost important benefit is to maintain a better relationship with existing and loyal customers. Some of the points are as:
By using the CRM, the sales get increased with much better timings with respect to delivery that means company provide the most demanding product in the store by analyzing the customers survey. This is very necessary for satisfying customers because in the present competitive scenario if customer needs a product urgently then he/she will get the same quality product from anywhere.
Cross Selling Of Other Products: In this Customer Relationship Management also suggest the company that if any product is in lack in stores then we need to promote the alternative products on behalf of that particular product. It is essential to promote the alternative commodity so that retailers never get a lack of any particular item in their stock.
Building a better Customer Support: By using CRM, a firm can get a better perfection in their customer support by building a proper accessible website for customers instead of using telephone. Customers can ask frequent questions and post their problems on the website and they can get a better solution without facing any complexities.
As we have already discussed so many benefits of latest technology CRM. But still several firms are avoiding in India from implementing. Some of the major issues why these firms are avoiding are as follows. According to NRF notes in its survey reports, “For many firms transformation is under way, towards a more customer –centered, knowledge –based, and integrated way of doing business, but it is still far from completed.” http://www.crmbuyer.com/story/69013.html
The reasons of these firms are not implementing the CRM in their retail businesses are:
According to President of Ogden Associates, Janet Murphy, “One issue is short and long-term tension.” As it is completely clear that implementing a CRM anywhere is a bit lengthy process and retailers need profit in a short-term. So this is a bit issue in implementation of any new technology in their business.
The other problem is establishment of new set up or involvement of new staff. For some of the retailers this is also a problem, if they need to implement any new technology then they have to first establish a new set up in their companies and also in some companies they have to appoint a new staff for understanding a latest things. This is also one more issue.
One more problem in implementation of CRM is, when initially CRM technology was invented for retail operations then it consists of only marketing tactics but sometimes the customers of CRM need something more than that in the same package. So they don’t want to choose Customer Relationship Management tool in their business model. The last but not the least problem is issue of ‘AWARENESS’. Most of the Indian retailers even don’t know about the latest technologies which are present in the market for competing in a global environment.
Conclusion and Recommendation
Firstly we will discuss about the future recommendations on the current research work. As we have discussed that research work is limited only on Indian market. So there are some more latest and advanced technologies used in European markets in the retail sector. So in future any other researcher can easily modify the same research work on any other market. The second recommendation is as the industry chosen in this project is only retail industry, so in other research work we can choose other industry like automobile, electronics, computers etc. for better understanding that how they are managing their operations with using Customer Relationship Management.
Now after discussing all in a very proper manner the result of the research project is concluded that there is a big impact of Customer Relationship Management on TESCO. Not only has the CRM affected the sales or marketing of the retail company but also plays a vital role in several more operations.
Analyzing most of the replies and analyzing the data which I received clearly shows that Customer Relationship Management impacts a lot on TESCO. If India is planning to become a developed nation in next coming years then it is compulsory to adopt advanced and latest technologies and new techniques for improvement. It is also necessary because customer retention is a backbone of retail sector.
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